
IN THE POST-PANDEMIC world, 34-year-old Shikhar Srivastava, like many others, relocated back to NCR after working remotely for three years in his hometown, Kanpur. While he rented a flat in Greater Noida, he envisioned buying a property there. After purchasing a flat in Kanpur during the Covid-19 real estate market downturn, he was surprised to find buying a home in NCR was completely out of reach. A 2BHK costing ₹40–50 lakh a year ago was now selling for ₹70–80 lakh, and 3BHK flats now cost more than ₹1 crore in NCR, making it difficult for the millennial to buy a home near his workplace.
This price surge is not restricted to NCR. Across major cities, real estate prices have climbed after the pandemic, making home ownership increasingly challenging for the layperson. This problem is particularly acute in urban areas, where rapid urbanisation and rising migration have significantly increased property values post Covid-19.
While some working millennials (a person born between 1981 and 1996) were able to secure flats at attractive prices in NCR during the pandemic, others, like Srivastava, explored opportunities in Tier II and Tier III cities. However, securing home loans for these properties has proven challenging due to market price variations. Presently, they regret their decision as they find themselves compelled to return to metropolitan areas for employment and seek rented accommodation.
With a whopping 440 million, India boasts the world’s largest millennial population. This translates to roughly 34% of the total population, with a median age of around 28. These young adults are flocking to major cities, driving demand for both residential and commercial spaces.
Denne historien er fra June 09, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 09, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på

VINE TO VINO
Calling all wine lovers to explore India's wine trails and vineries

TIGHT FINISHES AT TOLLY
RAZOR-SHARP COMPETITION WAS THE ORDER OF THE DAY FOR ROYAL RANTHAMBORE BT GOLF'S KOLKATA LEG AT THE HISTORIC TOLLYGUNGE CLUB

Helping More Indians Fly
We need to think and dream big, and combine that with flawless and speedy execution, accompanied by deep reforms

Fighting The Dragon
China's subsidies and export strategy have accelerated its dominance in the EV space. Amid fears of EV 'dumping', can India withstand the Chinese onslaught?

Buckle up for the Ride of a Lifetime
Many IPOs flunked, while several fell below ethical governance standards, and quite a few bombed. However, the capital markets have their own way of self-regulating excesses

❝Slow down but stay involved"
IndiQube provides flexible workspaces

Ready for Take-off
Total passenger traffic has grown from around 120 million to over 236 million per annum. Indian aviation sector continues to soar, and the best is yet to come

BURMANS IN CONTROL
After a long battle, the Burman family has seized control of Religare. It needs to infuse money and get it back on track

Reimagining India's Public Sector
India's policies since 1991 have been to get government out of business' way. Robust public sector is needed for providing basic needs equitably

No Theme Lasts Forever
A sensible investment strategy involves ignoring the noise and using a systematic criterion to pick assets. A good investment strategy can be boring